Arizona developer buys Folsom land for $5 million for senior housing project

Arizona developer buys Folsom land for $5 million for senior housing project

Arizona developer buys Folsom land for $5 million for senior housing project

Scottsdale, Arizona-based The Wolff Co. has bought bare land in Folsom for a senior housing project in pre-development.

Escrow closed in recent weeks for the 6-acre property on Iron Point Road, less than a mile east of Oak Avenue Parkway. The Wolff Co. bought the property, under the name KIW Folsom Venture LLC, for $5 million. Because it’s undeveloped, the site doesn’t have an assigned address. Folsom Bridge Partners LLC was the seller.

The Wolff Co. is planning a 166-unit project on the property called Revel Folsom, said Amber Huntley-Ruiz, the firm’s marketing director.

“Once completed, the community will offer independent living apartment homes, best-in-class wellness services and sophisticated amenity spaces including multiple dining experiences from celebrity chef, Beau MacMillan,” Huntley-Ruiz said in an email.

She did not share details about the project’s expected timing, and Folsom city officials said they had not received a formal application for the site, though two other senior care/living facilities are under review on neighboring parcels.

Nearly 1,000 multifamily units are under construction in Folsom at the moment, many of them on or near Iron Point Road.

Senior housing projects are also increasingly proliferating in the region, fueled by demographics. Among others, Roseville planners are reviewing a 72-bed memory care facility at 1260 Pleasant Grove Blvd., and Elk Grove has an application for a 151-unit project, including a three-story senior living center and another 71-room, single-story care facility. Both would be at the southwest corner of Laguna Springs and Civic Center drives.